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Denver Market Outlook 2018

Economy: As national events such as tax reform and immigration policy shape the overall economic climate, Denver remains a strong local market. The metro economy is bolstered by fundamentals such as steady population and job growth, above-average GDP growth, and the intangible quality of life factors that attract new talent and companies.

Capital Markets: Denver CRE investment activity is strong, but beginning to slow as investors respond to volatility in the financial markets and political uncertainty. Denver pricing and foreign investment will continue to trend upward as the market shows its strength in returns against the U.S. average.

Office: 2018 will bring moderation to Denver’s office sector. Demand will need to work overtime to match the pace set by supply early in the year. Expiring high-profile energy leases create uncertainty, but overall leasing activity is expected to remain strong as Denver continues attracting both the demand and supply of labor.

Industrial: The Denver Industrial market is poised for more growth after a strong 2017, as solid economic fundamentals and e-commerce fuel demand. Vacancy may rise as older space is vacated in favor of new, but lease rates will continue their upward swing since new and well-located properties fetch a premium.

Retail: The overall outlook for Denver retail is positive, reflected in the heightened construction activity. More department store closures are on the horizon, but the healthy economy should boost retail fundamentals through 2018.

Multifamily: Denver’s economy still shines and its population growth is feeding demand for multifamily. In 2018, strong net absorption should bolster the market as new unit deliveries ramp up. Softening will occur in submarkets with particularly elevated supply headwinds.